VistaJet's US Customer Base Trebles - Reinforcing Its Commanding Position in the Market
Following strong Q3 results in North America, VistaJet aims to amplify its efforts and resources to continue the positive momentum in the region
For North America ending September 30:
New Program customers increased three times year over year
New Program hours increased 146% year over year
Flight departures increased by 30% in Q3 '17 v. Q3 '16
Q3 '17 Program hours increased 210% v. Q3 '16
45% of Program customers who have joined in past 12 months have booked additional hours
Today's results follow $150 million investment from Rhône Capital
LAS VEGAS, Oct. 09, 2017 (GLOBE NEWSWIRE) -- VistaJet, the first and only global aviation company, is delighted to announce a set of results that highlights the significant progress made in the US throughout the third quarter ending September 30, 2017. Driving the growth is the company's flagship Program Membership, registering three times more clients year over year, resulting in a 146% increase in Program hours. Moreover, flight hours sold to Program members grew significantly over the period with an increase of 210% compared to Q3 '16. In addition to VistaJet's marked rise in new US passengers, 45% of those who joined as Program customers have gone on to increase the total number of hours flown.
A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/ef21bfc7-9dc9-4c61-a5c1-f7474fef077d
VistaJet's Q3 announcement reinforces the global trend of individuals and corporations moving away from aircraft ownership as they look to shed costs and asset risks, but not the comfort, convenience and benefits of private aviation. Following the $150 million investment from Rhône Capital - which now values VistaJet in excess of $2.5 billion - the company is well positioned to conquer even more fractional and full aircraft owners in the US market, by offering global coverage, consistent unparalleled quality and maximum efficiency.
Thomas Flohr, VistaJet's Founder and Chairman, stated, "We're extremely pleased to announce today's update as it is evidence of the exponential progress VistaJet is making in the US, the core market of private aviation. The numbers we see show two very important things about private aviation in the US. First, there continues to be a trend away from owning aircraft, either entirely or a fraction, given the associated costs and assets risk. Second, demand for high quality private aviation services continues to grow, proven by our ability to treble the number of US Program customers. US customers, both corporate and individual, are discovering that VistaJet is the new generation of business aviation solution. We are leading the industry by building services around the new shared-economy customers, while we keep offering the highest service level, and delivering it in the most efficient manner."
As a result of the company's continued success in the region, VistaJet also announces that it will increase its dedicated US fleet by 50%, to support its growing clients' demand.
To showcase VistaJet's fleet of luxury aircraft, bespoke services and curated details, the company will meet prospective customers in six US cities on board one of its Bombardier Global 5000 aircraft. The tour will allow selected prospective clients to try the VistaJet experience, as have 250,000 passengers already, flying to over 1,600 airports in 187 countries (or 96% of the world). Between October 16-23, a VistaJet Global 5000 will visit Los Angeles, San Francisco, Seattle, Chicago, Boston and New York.
VistaJet is the first and only global aviation company. On its fleet of silver and red business jets, VistaJet has flown corporations, governments and private clients to 187 countries worldwide. Founded in 2004 by Thomas Flohr, the company pioneered an innovative business model where customers pay only for the hours they fly, free of the responsibilities and asset risks linked to aircraft ownership. VistaJet's signature Program service offers customers a bespoke subscription of flight hours on its fleet of mid and long-range jets, to fly them anywhere and at any time.
Executive Vice President
Regional Marketing Manager, The Americas
Statements in this release are based solely upon information available as of the date of this release, are not a comprehensive statement of the Company's financial results or positions as of or for the 2017 fiscal year, and have not been audited, reviewed, or compiled by independent registered accounting firm. Therefore, the financial information in this release is preliminary, unaudited and subject to revision upon completion of the Company's closing and audit processes. The company assumes no obligation to update any information contained herein, save for any information required to be disclosed by law.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: VistaJet Ltd via Globenewswire
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